Jul 3, 2008

HMV Reveals Plan To Sell Used Video Games

The Canadian used video game market is about to get a little more crowded.

HMV have revealed in their annual financial report that they intend to enter the used video game market this year at selection locations, with a global roll-out in 2009. HMV has stores in Canada, the UK, Singapore, and Hong Kong.

The financial report states: "We continued to enhance our credibility with customers and suppliers in the fast-growing games console and software market, and are planning to launch a pre-played games offer in 2008/09."

HMV will join EB Games and Best Buy Canada as the third major player in the used video game market in Canada. Best Buy Canada have previously announced they plan to undercut EB Games margins, resulting in cheaper used games for Canadian consumers. With HMV now in the mix, expect additional pressure to lower prices.

Strong video game sales, on both PC and gaming consoles, have helped drive HMV pre-tax profits up by 25.2 per cent. The booming video game retail sales have accelerated the company's plan to convert an additional 10 to 15 stores to it's "next-generation" rennovated format, which includes multi-player games and kiosks, over the next year.